Wednesday 14th May 2014, 6.30pm to 8pm, Room 32L.G.03, 32 Lincoln's Inn Fields, LSE
Speaker: Jeffrey Franks
Chair: Athar Hussain
Macroeconomic imbalances and longstanding structural impediments to growth have prevented full realisation of Pakistan's economic potential. Problems in the energy sector, security concerns and a difficult investment climate have combined with adverse shocks to undermine economic performance in the past decade. As a result, GDP growth has only averaged 3 percent over the past few years, well below what is needed to provide jobs for the rising labour force and to reduce poverty. With the population still increasing rapidly, per capita income growth has lagged behind many emerging economies. The fiscal deficit has widened, driven by weak tax collections, energy sector subsidies and increased provincial government spending. Domestic deficit financing has crowded out private sector borrowing and has contributed to inflation. Private sector credit has become negative in real terms, while monetary aggregates continue to be driven mainly by the government's financing needs. The external position has weakened significantly, and central bank reserves have declined to critical levels.
The Government of Pakistan requested a 36-month extended arrangement under the Extended Fund Facility (EFF) from the International Monetary Fund, which was approved on 4th September 2013. IMF Mission Chief for Pakistan, Mr Jeffrey Franks, will be leading a discussion of where the IMF supported program is in its third review. This presentation will provide an overview of the IMF efforts to support Pakistan's economy with special emphasis on key structural reforms that need to be completed in order to accelerate growth and investments in Pakistan.
Mr Jeffrey Franks is an Advisor in the Middle East and Central Asian Department of the IMF and has been serving as Mission Chief for Pakistan since 2012. Previously, he spent 3½ years as Mission Chief for Romania, assisting the country through two successful IMF loans during the global economic crisis. A 21 year veteran of the Fund, he has held numerous other assignments working mainly on Europe and Latin America, including heading the resident offices in Ukraine and Ecuador, and leading teams on France, Belgium, and Paraguay. He received his PhD in Political Economy and Government from Harvard, and has Master’s degrees from Princeton and Oxford universities.
Professor Athar Hussain is Director of the LSE Asia Research Centre.
This event is free and open to all with no ticket required. Entry is on a first come, first served basis. Please direct any queries to firstname.lastname@example.org or call 020 7955 7615.